Deb

Blame Realtors, Brokers and Bankers - Not Greenspan

Lending to borrowers with "blood pressure and a 6-pack of soda" (poor credit, no down payment, etc), and expecting a good result is not very realistic. Poor lending policy creates a "house of cards" and is independent of interest rates, fees or anything else. Misleading ratings for this "weak paper" fueled a secondary market for some mortgages that if accurately rated wouldn't have been salable.